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GST By CA Prashanth Reddy

C
CA Prashanth Reddy
22/05/2017 0 0

GST on services fixed; Ola, Uber rides and flights to be cheaper, education and health exempt.

The GST Council on Friday finalised tax rates for services under the Goods and Service Tax (GST) regime, scheduled to kick-in from July 1 at the end of day 2 of the meeting held in Srinagar.

Healthcare and education would be exempt from GST

Here are the highlights of new tax laws:

5:10pm: Travelling on metro, local train, religious travel, Haj yatra will all be exempt from GST: revenue secretary, Hasmukh Adhia.

5:05pm: “The proposed tax straucture under GST is much more complex to what we have at present,” said Pratik Jain, partner and leader of indirect tax at PwC India.

4:55pm: AC train travel to get cheaper under GST.

4:50pm: Mobile operators lobby, COAI expresses displeasure at 18% tax on telecom. Will impact infrastructure creation in telecom sector.

4:45pm: Movie-going to get cheaper with 28% tax on cinema halls.

4:43pm: GST likely to be non-inflationary as the government has kept a majority of food items, that form 50% of the consumer price index, out of the tax net.

4:33pm: E-commerce players to deduct tax at source before paying suppliers. E-retailers such as Flipkart and Snapdeal to pay GST.

4:22pm: Sensex gains 30 points after GST Council finalises rates.

4:18PM: Tax experts: Flights to get cheaper while hailing cabs through cab aggregators will cost marginally less.

4.05pm: 5% tax to be levied on cab aggregators like Ola and Uber, says Arun Jaitley.

 

4.02pm: Telecom, financial services to attract GST of 18%; 28% tax for race club, betting and cinema halls: Jaitley.

4pm: AC restaurants and those with liquor licence to charge 18% GST, while 5-star hotels will levy 28%; hotels with tariff of Rs 1,000-2,500 to pay 12% rate, clarified finance minister, Arun Jaitley at the end of the meeting in Srinagar.

Restaurants with turnover of Rs 50 lakh or below to face 5% tax under GST and non-AC restaurant at 12%.

3.50pm: Transport services will attract 5% GST.

3.40pm: Live animals, fruit juices and meat will call for a 12% tax along with butter and cheese. Condensed milk under 18%.

Coffee (not instant), tea and groundnut and fish will attract 5% under GST.

3.30pm: Kerala Finance Minister Thomas Issac said there will be four rates for services at 5%, 12%, 18% and 28%, similar to tax slabs for goods.    

3.20pm: The tax rate on gold has not been finalised yet, he said, adding that the Council will meet again on June 3.

The Council in its meeting on Thursday decide the tax rate on 1,211 goods, keeping most food items out of the purview of GST. Bindi, vermilion, glass bangles, handlooms, hearing aids and handmade musical instruments have also been exempt under GST. A total of 7% of items have been kept zero rated.

While jaggery is exempt under GST, cane sugar and beet sugar are in the 5% tax slab. Bio gas plant, wind mills and kerosene lantern and coal will also be under the 5% tax rate.

Mobile phones, fountain pen ink, tooth powder, incense sticks, feeding bottles, Braille paper, children’s colouring books, umbrellas, pencil sharpeners, tractors, bicycles, contact lenses, spectacle lenses, utensils, sports goods, fishing rods, combs, pencils and hand paintings have been placed under the 12% tax rate under GST.

The goods which will fall under 18% tax rate include helmets, LPG stoves, nuclear reactors, clocks, military weapons, electronic toys and plastic buttons.

The items which have been put in the highest tax slab of 28% include aerated drinks, perfumes, after-shave lotions, deodarants, clothing of furskin, razor blades, cars, revolvers, pistols,

More than 200 products appear in the 28% tax slab.

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